As an example, margin interest = $100,000, short-term capital gains = $120,000. So $20,000 short-term capital gains taxed as ordinary income, right?
Continue with the example, single filer Schedule A itemized deductions, property tax = $10,000, mortgage interest = $6,000. So is the total itemized deduction = $100,000 + $10,000 + $6,000 = $116,000? And the tax rate is based on AGI - itemized deduction?
Can this be right or am I missing something?
Thanks.
Continue with the example, single filer Schedule A itemized deductions, property tax = $10,000, mortgage interest = $6,000. So is the total itemized deduction = $100,000 + $10,000 + $6,000 = $116,000? And the tax rate is based on AGI - itemized deduction?
Can this be right or am I missing something?
Thanks.
Statistics: Posted by PChop1967 — Thu Mar 07, 2024 9:08 pm — Replies 1 — Views 95